First Premier Bank Centennial Gold Credit Card

Secured Card versus Fee-Based Card

If you are denied for a credit card because of your credit history, you have other options to consider -- a secured credit card or a fee-based credit card.

With a secured credit card, you open a savings account and deposit an amount of money equal to the amount of the credit limit on the card. You earn interest on the savings account, but you cannot withdraw the funds unless you cancel the credit card.

A fee-based credit card does not require a savings account to "secure" the available credit. The card issuer charges several fees up-front. You can use the card immediately, but they reduce your credit line by the amount of the fees billed.

Do You Need The First Premier Bank Centennial Gold Credit Card?

This gold credit card card is issued by First Premier Bank, a leading issuer of credit cards. This card is a fee-based credit card designed for people who have special credit needs such as:

• Problems with credit card approvals
• Low credit score
• Limited credit history
• Not enough cash to put aside for a secure credit card

Benefits

With the Centennial gold credit card, you can have the convenience of credit while you build, or repair, your credit score:

• Low APR on purchases – You don't use up your budget paying high finance charges. Beware: If your account is past due for two consecutive billing cycles, your APR for purchases will increase significantly. The APR will be reduced if you stay current with your payments for three months.
• 25 day grace period – You will not incur any finance charges if you pay your bill in full within 25 days of when the statement was printed.
• Monthly reporting to credit bureaus – You can start to build a good credit history if you demonstrate on-time payment history.
• 24-hour phone access – A customer service representative is available to answer any questions, check recent charges and to verify payments received.

Budget the Fees

All of your fees are billed on your first statement. Your available credit is reduced by the amount of the fees. Once the fees are paid, your available credit is increased. For example, with a minimum credit line of $250 your card will be charged $179, leaving you only $71 of your initial available credit line for purchases.

For good money management it is optimal if you can pay off the fees to your account as soon as they are billed. If you don't, you will be charged interest on the unpaid fees and you will not have full access to your credit line.

The fees on this card include:

• Account Set-up Fee – $29 (a one-time fee) to set up the account
• Program Fee – $95 (a one-time fee)
• Annual Fee – $48 annually. You are charged the annual fee even if you don't make any purchases with the card.
• Monthly Servicing Fees – $7 monthly. Your card is charged this servicing fee for keeping the account open, even if you don't make any purchases.
• Account Maintenance Fees – $3 monthly if you close your account and still have an outstanding balance of $20 or more
• Annual Additional Card Fee – $20 for each additional card you request
• Credit Limit Increase Fee – Your account will be reviewed for a credit line increase after six months. Each time your account has a credit limit increase, a $25 fee is charged to your account.
• Cash Advance Fee – You can take a cash advance of ten to fifty percent of your credit line depending on how long your account has been open. You will be charged 3 percent of the amount of the cash advance. Be aware that the APR on the cash advance will be significantly higher than the APR on purchases.
• Internet Access Fee – $3.95 each time you access your account online

Is This Card For You?

This card has tons of fees, but it can be an excellent credit card for someone who:

• Is having trouble getting approved for a credit card
• Needs to build, or rebuild, their credit history
• Wants a credit card but does not want to set aside funds in a savings account for a secured credit card
• Plans to use the card only for purchases, not for cash advances
• Plans to pay off their credit card balance each month

Application Is Easy and Fast

You can apply for a First Premier Bank Centennial Gold Credit Card online. Application approval can happen in just 60 seconds.